AUDIO (Audius) is an artist-run music streaming platform. It aims to allow anyone to freely distribute and monetize audio.
Audius is a platform that connects artists directly with listeners. It removes middlemen and record labels from the equation and helps artists make more money.
Audius, which the developers claim is the digital equivalent of gold, can be described as bitcoin’s digital analog. “The cryptocurrency music app seeks to decentralize, democratize and empower the music industry while giving artists more control and money.”
Unknown person was able modify the configuration of the smart contracts for managing Audius and created a malicious offer to withdraw $6,000,000 in AUDIO tokens.
Unknown person changed the voting time and delayed execution of the vote result. The attacker took the stolen cryptocurrency to be sold, but due to market slippage, was able to only sell $6 million worth of cryptocurrency in Ethereum for $1.1 million.
According to the address transfer history of the attacker, the cryptocurrency obtained from the sale was “laundered”, at 100 ETH per transaction via the Tornado Cash mixer.
Audius representatives confirmed that the hack was done. After a thorough study, the project developers claim that the smart contract’s functionality has been restored. It is not clear if Audius will compensate investors.